(Bloomberg) -- The loss of Russian diesel supply, combined with disruption in fuel production in France, have left parts of Europe short, according to the head of Spanish oil refiner Repsol SA.

“We are running out of middle distillates in some European countries,” Chief Executive Officer Josu Jon Imaz said on an earnings call, referring to the category of oil products that includes diesel, heating oil and jet fuel. “There is room to see high diesel prices in the coming months.”

Europe has long been a net importer of middle distillates, with consumption usually buoyed at this time of the year because of winter demand for heating. Russia has contributed to an exceptionally tight market this year, due both to the prospect of less supply and the decision of some companies to use diesel instead of expensive natural gas. The US is also short of inventory.

Read more: Europe Risks Diesel Supply Shock as Russia Oil Sanctions Near

Recent strikes in France, which have knocked refineries offline, have also squeezed the market, Imaz said. That has prompted a surge in imports.

The current crunch has helped push Repsol’s refining margin rise to $26 a barrel in October, much higher than historical levels, Imaz said. For the fourth quarter, the company expects a figure of at least $15 a barrel.

--With assistance from Jack Wittels.

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